Singapore Government Commits $8.9 million to Blockchain Program

Singapore seems to be moving closer to the widespread adoption of blockchain technology according to recent news reports. Local news today reported it was the Singaporean government had announced the blockchain program Singapore Blockchain Innovation Program (SBIP). The blockchain program is supported by Enterprise Singapore, the Infocomm Media Development Authority (IMDA) and Singapore’s National Research Foundation Singapore.

$8.9million Grant Made Available For Blockchain Research

SIBP was created by a $8.9 million grant, and was designed to improve the nation’s blockchain infrastructure. SIBP will be collaborating with around 75 businesses, which include multinationals and local companies as well as Information and communication technology (ICT) companies. The British Bitcoin Profit trading platform allows you to try it out before diving into the live market with real money by providing a demo account. Participating firms will work on 17 blockchain-based projects across different industries over 3 years. In a press release issued by SBIP the initial phase will be focused on logistics, trade as well as supply chain. Additionally, SBIP will collaborate with supply chain architects firm DiMuto to create blockchain-based solutions in the agriculture sector.

The solution will allow farmers to track and trace perishables that are high-value and measure farmers’ creditworthiness. In addition, SIBP will research in-depth on blockchain scalability in order to facilitate the adoption of blockchain in systems with high rates of transactions. It will also expand interoperability across exchange systems and help address the issues with blockchain networks. In a statement on the development, IMDA Director of Operations Lew Chen Hong is of the opinion that SIBP will boost blockchain adoption. “As the first major industry-driven blockchain research program, we intend to proliferate blockchain adoption to a much broader set of industries, beyond just finance,”

Blockchain Adoption Rising In Asia

Asia is among the areas around the globe where blockchain technology has seen a lot of success. As an example, China has the highest amount of Bitcoin miners since it has facilitated legal mining while utilizing inexpensive energy. In addition the Asian giant is also leading the way in Central Bank Digital Currencies (CBDC). The company recently started exploring it with the Digital Yuan and has plans to introduce the CBDC in 2021.